Deere net income jumps

PadraicCassidy

NEW YORK (MarketWatch) - Deere & Co.
DE, -2.09%
reported first-quarter net income Tuesday of $235.9 million, or 99 cents a share, compared with $222.8 million, or 89 cents a share, in the year-earlier period. The agricultural equipment maker said its sales rose 7% to $4.2 billion from $3.94 billion in the year-ago period. Analysts polled by Thomson First Call forecast earnings, on average, of 83 cents a share and sales of $4.06 billion. Deere, based in Moline, Ill., said equipment sales would rise 3% to 5% in 2006 and be flat to up 2% in the second quarter. Net income in 2006 would be $1.7 billion and $725 million to $759 million in the second quarter. Production levels will fall about 4% in 2006 and 9% for the second quarter.

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